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daaspuppy
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Windfall Profit Tax judgement post #1  quote:



My father died in 1988. He was an oilman. After his death I was notified by an attorney that he had been unjustly taxed for windfall profit tax back in Jimmy Carter's era. After 12 yrs I received money as his heir from a judgement. The attorneys' took out their portions. How do I determine if, or how much, I must pay in taxes? what is the deadline for filing this?

Old Post 04-12-2005 03:39 AM
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Ken NJ
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post #2  quote:

The answer to the second part of your question is the same year you actually RECEIVED the check payment. For instance if you got it in 2004, you have to report it in that year by 4/15/05 or file for an extension.

As to paying the tax, you have to pay the tax at least by the filing date to your best estimate. There are some exceptions for penalties.

The first part to your question, you should consult a local tax person to give you the best advice because it depends on lots of facts to sort out as to your father's estate and transfer of his remaining estate to his heirs, along with the tax basis for you to make that calculation.


Old Post 04-13-2005 02:23 PM
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